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RIA Operators

Public • 837 • Free

2 contributions to RIA Operators
LEA - data extraction and planning opportunity generation
Came across this tool recently - it reminds me of a Holistiplan lite of sorts. Some quick bullet points: - Streamline data entry into financial planning software - Rename and organize client documents and statements according to the firm's naming convention - Generate financial planning opportunities using AI, and populate existing systems with that data (e.g. CRM) This tool is still in development, but it looks promising! Any questions, reach out to @Max Klein
2
6
Chesky Deutsch
Max Klein
Alex Gassner
Garrett Harper
Joe Moss
New comment Nov '23
LEA - data extraction and planning opportunity generation
2 likes • Nov '23
Pretty similar to FPalpha, does more documents than FP - but similar output.
Custodians! How's yours?
A very important part of the tech stack we haven't talked about too much yet! So much of RIA ops has to do with the custodian. What's your main custodian? Are you content with it? Considering a switch?
Poll
45 members have voted
5
34
Kevin Stephison
Rob Hayes
Cynthia Michelle
Chris Brown
Lisa Bacon
New comment Jun '24
1 like • Jul '23
Anyone considering Altruist, I've been using them as my sole custodian since 4/2022. I know all the pros and cons. Ask away!!
1 like • Jul '23
Top 3 pros: 1. Account opening is extremely fast - especially when integrated with Wealthbox 2. Cost of platform - since everything is integrated (billing, reporting, trading, model construction/marketplace) the cost is $1/month per account but you get the first 100 free. This is pennies compared to what I hear others paying. 3. White glove transition service for advisors with over 10M AUM and no requirements of AUM for those starting out. Top 3 Cons: 1. Tax loss harvesting is completely manual, but automated service expected before 4th qtr 2023. 2. Don't have all account types available - Roths for minors(custodial roths), Trust owned IRAs (for beneficiary IRAs). But the # of account types not available is going down quickly and they have said by the end of 2024 they expect to be able to open any type of account directly with Altruist or with 3rd party integrations (DAF, 529, HSA). 3. Don't currently have a "paper" account opening option. If you work with older folks this might be a deal breaker. However, this too is being added in 2023. So, even my 3 cons are going to be cleared up in time. There is a reason that Altruist has gone from a name no one knew to the 3rd largest custodian in the country in a matter of years. Full disclosure: Since I was an early adopter, I'm also a referral partner. If you want to take a look at moving to Altruist follow this link https://blue.mbsy.co/6hT39W it ensures that you get the white glove service.
1-2 of 2
Garrett Harper
1
1point to level up
@garrett-harper-3202
10+ years in the finance industry, started my RIA in 2022. Excited for the next 20 years!

Active 459d ago
Joined Jul 10, 2023
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